A significant price gap has emerged in the retail market for Premium Motor Spirit (PMS), also known as petrol, with independent oil marketers selling at N900-N1,000/litre, while Nigerian National Petroleum Company (NNPC) outlets maintain prices between N568-N617/litre.
This disparity has led to congestion at NNPC stations as consumers seek more affordable options.
The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, has warned that it will crack down on filling stations selling PMS at excessive rates, emphasizing that such practices are detrimental to the interests of Nigerians.
The government’s stance aims to prevent profiteering in the petroleum sector and ensure fair pricing for consumers.
Independent oil marketers claim to be purchasing petrol from private depot owners at a high price of N850/litre, justifying their elevated pump prices.
However, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disputes this, citing daily price reports from depot officials that contradict the marketers’ claims.
NMDPRA spokesperson, George Ene-Ita, emphasized that the regulator’s field agents provide different figures, indicating that the high prices charged by some independent marketers are unjustified.
He warned that outlets selling petrol above the approved prices, such as those in Lagos and other states charging N900-N1,000/litre, will face shutdowns if caught.
Ene-Ita explained that the regulator works with NNPC to determine ex-depot prices and margins, ensuring that prices remain reasonable.
The regulator is committed to enforcing price controls and holding errant marketers accountable.
The standoff between marketers and the regulator raises concerns about price control and the impact on consumers.
